Atlanta Mayor Kasim Reed said Thursday his administration is working on a plan for a significant overhaul of Philips Arena to keep the Atlanta Hawks in downtown Atlanta. The city and the NBA team are discussing plans that would involve an undetermined amount of public investment.
Many of the details are still being worked out and Reed said formal plans could come forward in the first quarter of next year. The overhaul could be valued at about $200 million from public and private sources.
The Hawks recently changed owners. The new ownership group, led by hedge fund powerhouse Antony Ressler, have previously said they could not rule out moving the team to another location in metro Atlanta.